Molycor Closes Private Placement
February 24, 2010 - Vancouver, British Columbia
Molycor Gold Corp. (TSX.V-MOR; Frankfurt-M1V; Pink Sheets-MLYFF)(�Molycor� or the �Company�) is pleased to announce that the Company has closed its Non-Brokered Private Placement announced in its news releases dated on February 1, 2011 and February 15, 2011.
The total amount raised pursuant to the private placement was $457,000 which was comprised of 5,712,500 units at a price of $0.08 per unit (�Units�).
Each Unit is comprised of one common share in the capital of the Company (a �Share�) plus a two year share purchase warrant (a �Warrant). Each Warrant entitles the holder to purchase one common share at a price of $0.12 per share at any time up to 5:00 pm (Vancouver time) on February 23, 2013. All of the securities issued pursuant to this offering will have a hold period expiring four months and one day after the closing date.
The proceeds of the private placement will be used towards a drill program on the magnesium property in Nevada and general working capital. The Company has paid finders fees totaling $24,860 in connection with the private placement
About Molycor Gold Corp:
Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.
On Behalf of Management
Larry W. Reaugh
Chief Executive Officer
For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at www.molycor.com.
Information Contact
Larry W. Reaugh
Chief Executive Officer
Head Office: 2A 15782 Marine Drive, White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Email:
info@molycor.comwww.molycor.com
Cautionary Notice: The Reader is cautioned that the full Cautionary Notice is not attached to this email. The reader is requested to access the news release on the Company�s website at www.molycor.com or at SEDAR at www.sedar.com to read the full Cautionary Notice. The full Cautionary Notice is not attached as the recipient�s spam filters frequently block receiving emails containing the full Cautionary Notice.
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Molycor Gold is a gold exploration company based in Canada. Molycor Gold holds various exploration projects in Canada. Its main asset in production is WINDPASS / SWEETHOME in Canada and its main exploration properties are GRIFFON, BEAVERDELL, DOBBIN I, DOBBIN II, SILVERADO, CROWREA, RIDGE TOP, TKO / HOT DOG RIDGE, FLAP, DAVIS, TAMI-MOSI and EMPRESS in Canada. |